Date for filing of Income Tax returns extended till October 31, 2014

ISLAMABAD (September 27, 2014) – Federal Board of Revenue (FBR) has extended the date for filing of tax returns to October 31, 2014 for individuals, associations and special tax year companies whose tax year ends between July 01, 2013 to December 31, 2013.

This was done after Pakistan Tax Bar Association (PTBA) requested an extension citing difficulties in preparation and e-filing of income tax returns and wealth statement as the final version of tax return was uploaded on FBR’s web portal through SRO 819(I)/ 2014 on September 16, more than two months after its draft was issued in early July. According to PTBA, this left virtually no time for taxpayers to file it on the new IRIS system.

As per income tax circular 5 of 2014 issued on Friday, in exercise of powers conferred under section 214A of the Income Tax Ordinance, 2001, the Federal Board of Revenue has extended the date for filing of income tax returns/statements for Tax Year 2014.

According to the circular, the date of filing of Income Tax Returns/statements of final taxation which was due on September 30, 2014 for individuals and associations of persons is hereby extended to October 31, 2014 The date of filing of returns of total income/statements of final taxation due on August 31, 2014 and further extended to September 30, 2014 is hereby further extended to October 31, 2014. The date for filing of returns of total income/statements of final taxation of companies whose tax year ends between July 1, 2013 to December 31, 2013 due on or before September 30, 2014 is hereby extended up to October 31, 2014 provided that the admitted liability of tax due with returns is deposited by September 30, 2014, the circular added.

Accountancy Poll

Latest in The Accounting Bookshop

Copyright 2002-2018 Accountancy. All rights reserved. Copyrights of all content on this web site are owned by Accountancy except where indicated in source or copyright statements. Accountancy must be contacted for permission to copy or redistribute any material published on this website.